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ewheaton-0018-Econ_1311_-_Final_Exam_Review_Sheet - MR =...

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Review Sheet for Final Exam – Chapters 15-17 Econ 1311 - Professor Wheaton Note : Review the Key Concepts, Questions for Review, and Aplia assignments. *I recommend the Study Guide for the Mankiw textbook. (See your syllabus.) Chapter 14 – Perfect Competition **You will not be responsible for questions directly from Chapter 14, but you should look at perfect competition and how it relates to Monopoly, Monopolistic Competition, and Oligopoly. Chapter 15 – Monopoly Monopoly Market power Barriers to entry (3 sources) Natural monopoly *Graph* MR = MC >> Monopoly’s profit-maximizing quantity (Q*) *Graph* Differences between monopoly and perfect competition Output effect Price effect Price discrimination Chapter 16 – Monopolistic Competition Monopolistic competition - compared to perfect competition, monopoly and oligopoly
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Unformatted text preview: MR = MC >> Monopolistic competition’s profit-maximizing quantity (Q*) *Graph* Monopolistic competition in the short run and in the long run *Graphs* Reasons monopolistic competition is less efficient than perfect competition Product-variety externality Business-stealing externality Advertising – critique and defense Brand names – critique and defense Chapter 17 – Oligopoly Oligopoly Concentration ratio Oligopoly outcome versus monopoly and perfect competition outcomes (Q’s, P’s) Collusion Cartel Nash Equilibrium Game Theory Output effect Price effect Size of the oligopoly Dominant strategy Prisoners’ dilemma Three types of price “fixing”: “fair trade”, predatory pricing, tying...
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